question

Marketing

answer

activity, set of institutions, and processes of creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners, and society at large

question

For profit organizations

answer

to deliver goods -Tide, Wrangler, Chevrolet, Hilton, Verizon, H&R Block

question

Not for profit organizations

answer

private-sector organizations like Harvard University, Presbyterial Church, Red Cross, Sierra Club, American Cancer Society public-sector organizations like the University of Nebraska, state of Michigan, U.S postal service, U.S Marines, U.S treasury

question

Marketing evolution

answer

production era, selling era, marketing concept era, customer relationship era

question

Production era

answer

Production concept: emphasized producing as many goods as possible because there was an unlimited demand -represented a seller's market: market in which there is more demand for products than there is supply -Examples: oil

question

Selling era

answer

Production underwent a massive change, introduced the assembly line Selling Concept: Emphasized high powered sales techniques to sell products -represented a Buyer's market: there were more products available than there were buyers -Example: aggressive TV ads

question

Marketing concept era

answer

Marketing Concept: focuses on customer satisfaction, service, and profitability -Customer satisfaction: "We need to Give Buyers What They Expect From Us", concept of offering a product to please buyers by meeting their expectations -Focus on service: "Everyone from Ceo to Stock Clerk should focus on customer service", everyone focus on the same goal, the "not my job" attitude doesn't fit here -Emphasis on profitability: "We need to concentrate on the products that are most profitable", don't focus on offering the entire range of products and not on total sales

question

Customer Relationship era

answer

Emphasizes finding out everything possible about customers and then using that information to satisfy and even exceed their expectations in order to build customer loyalty over the long term

question

Value

answer

defined as a customer's perception that a certain product offers a better relationship between costs and befits than competitor's products do -firms are concerned with producing and delivering offerings that have value for customers, clients, partners, and society at large

question

product

answer

a good (which is tangible) or service (intangible) that can satisfy customer needs

question

product line

answer

collection of products designed for a similar market tor that are physically smaller examples: StateFarm home, health, and life insurance, Campell Soup Company different flavors

question

Product mix

answer

combination of all product lines that a firm offers examples: StateFarm mutual funds, baking, loans, credit cards not just insurance, Campbell Soup company offering cookies, broth, sauces, etc

question

consumer buying process

answer

behavior shown by consumers in considering and buying various products

question

1. Problem Recognition

answer

"I realize I have a problem to resolve"

question

2. Information search

answer

"I've got to find a solution to my problem"

question

3. Evaluating alternatives

answer

"I'll weigh the pros and cons of the products available" -after gaining information you consider the benefits and drawbacks of each

question

4. Purchase decision

answer

"I'll choose this one or not choose at all"

question

5. Post purchase evaluation

answer

"Im happy/unhappy with my purchase and will/will not buy a similar one in the future" -buyers remorse

question

Factors influencing buying behavior

answer

-culture and subculture: the influence of values and attitudes (nationality, gender and age, ethnicity and race, religion) -social class: the influence of our socioeconomic group (income level, profession, educational level, social status, political status) -reference groups: the influence of groups we identify with (family, friends, fellow students, college groups) -personal image: the look we wish to project (physical, profession, lifestyle, fashion) -situational matters: the effects of timing, moods, impulse, expectations, and so on (timing, coincidence, mood, impulse)

question

three types of marketing

answer

-for profit marketing to consumers -for profit marketing of businesses to other businesses -not for profit marketing

question

Marketing strategy

answer

1. plan for identifying the target market among market segments 2. creating the right marketing mix to reach that target market 3. dealing with important forces in the external marketing environment

question

market segmentation

answer

dividing a market into groups whose members have similar characteristics or wants and needs

question

target marketing strategy

answer

consisting of marketing directly to such segments-the target market

question

For profit marking to consumers

answer

goods and service to personal use

question

consumer market

answer

consists of all those individuals or households that want goods or services for their personal use -these are products that you buy everyday form toothpaste to downloaded songs -consumers fall into 5 segments from here

question

1. geographic segmentation

answer

dividing the market by location categorizes customers according to geographical location -example: a nationwide retailer of hiking boots would tend to advertise more in colorado than new york city and tortilla factories would advertise in texas more than minnesota

question

2. demographic segmentation

answer

dividing the market by by age, gender, income, and so on consists of categorizing consumers according to statistical characteristics of a population such as gender, age, income, education, social class, ethnicity, and so on

question

3. Psychographic segmentation

answer

dividing the market by psychological characters, values, and lifestyles consists of categorizing people according to lifestyle, values, and psychological characteristics such as frugal versus free spending, or rebel versus conservative

question

4. benefit segmentation

answer

diving the market by benefits that people seek in a product consists of categorizing people according to the benefits, or attributes that people seek in a product such as style verses economy or safety versus speed or high tech versus low tech features or even help for kinky hair over straight hair

question

5. User rate segmentation

answer

diving the market by frequency of customer usage consists of categorizing people according to volume or frequency of usage

question

Niche marketing

answer

consists of dividing market segments even further to micro segments for which sales may be profitable

question

one to one marketing

answer

consists of reaching market segmentation to the smallest part-individual customers

question

business market/business to business market

answer

known as the industrial or organizational market consists of those business individuals and organizations that want business goods and services that will help them produce or supply their own business goods or services -can be classified into three categories

question

geographic segmentation

answer

dividing the market by location

question

customer based segmentation

answer

categorizing business customers according to such characteristics as size, industry type, and product/service related attributes

question

produce use based segmentation

answer

categorizes business customers according to how they will use the seller's product

question

Not for profit marketing

answer

they use marketing too

question

New products

answer

product that either is a significant improvement over existing products or performs a new function for the consumer -lifeblood of any company and of the free market system

question

four reasons to introduce new products

answer

1. to stay ahead of or match the competition 2. to continue to expand revenue and profits 3. to fill out a product line 4. to take advantage of an opportunity

question

Marketing mix

answer

Product (developing a product that will fit customer needs) Price Place Promotion

question

Marketing research

answer

"is there an opportunity and a group of buyers for our possible product?"

question

Product strategy

answer

"How do we design and test a product that will best meet consumer wants and needs" -concept testing: marking research designed to solicit initial consumer reaction to new product ideas -test marketing: process of testing products among potential users

question

pricing strategies

answer

figuring out hose much to charge for a product-the price, or exchange value for a good or service -price can depend on whether you have competitors, whether you need to offer low prices to get costumers in the door, and etc

question

place strategies

answer

placing or distribution is the process of moving goods and services from the seller to prospective buyers

question

promotion strategies

answer

consists of all the techniques companies use to motivate consumers to buy their product

question

Marketing research

answer

the systematic gathering and analyzing of data about issues relating to the marketing of goods and services

question

1. define the problem

answer

clarify the question to be answered

question

2. collect facts

answer

use published data or interviews, observation, experimentation, and focus groups to get information

question

secondary data

answer

info acquired and published by others -U.S census Bureau data, various government publications, newspapers, magazines, academic journals, internet search, blogs

question

primary data

answer

data derived from original research such as that which you might consider yourself -example: direct observation, interviews, surveys, questionnaires, customer comment cards, concept testing

question

focus groups

answer

small groups of people who meet with a discussion leader and give their opinions about a product or other matters

question

databases

answer

integrated collections of data stored in computer systems

question

neuromarketing

answer

study of how people's brains respond to advertising and other brand related messages by scientifically monitoring brainwave activity, eye tracking, and skin response

question

3. analyze the data

answer

use tools it may need editing which is checking over to eliminate mistakes or it may require the application of data analysis which is subjected to statistical tools to determine its significance

question

4. take action

answer

implement the best solution

question

external marketing environment

answer

the outside forces that can influence the success of marketing programs -global -economic -socioculture -technological -competitive -political -legal and regulatory

question

environmentla scanning

answer

look at the wider world around them to identify what matters can affect the marketing program

question

global forces

answer

influences brought about by all our global interconnections -example: the u.s national palate is changing-americans want hotter, minor, more flavorful foods-influenced by intense favors from places such as Latin America, China, Thailand

question

economic forces

answer

recessions, inflations that certainly affect consumers buying power and willingness to buy -example: recent great recession with is vanished jobs, foreclosed homes, and destroyed savings, had a tremendous impact on retail sales

question

sociocultural forces

answer

cultural changes reflecting customs, beliefs, and lifestyles or groups that differ in social class, ethnicity, age and so on. Example: members of the generation known as the Millennials are found to be optimistic

question

technological forces

answer

consist of influences both highly visible that affect retailing such as the introduction of smartphones and less visible that affect manufacturing and distribution such as factory robots, which change the nature of delivering goods and services

question

competitive forces

answer

consists of the actions of competing firms, industries, or counties

question

political forces

answer

influences that occur because of the decisions of politicians and public officials -example: subsidies for green power

question

legal and regulatory forces

answer

consist of laws and government regulations designed to protect consumers and restrain anticompetitive business behavior

Business chapter 12 Marketing – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards